Exhibit 11 COMPUTATION OF PER SHARE EARNINGS The following is a computation of the weighted average number of shares outstanding which is used in the computation of per share earnings for Luby's Cafeterias, Inc. for the three and nine months ended May 31, 1998 and 1997. Three months ended May 31, 1998: 23,270,675 x shares outstanding for 92 days 2,140,902,100 Divided by number of days in the period 92 _____________ 23,270,675 Nine months ended May 31, 1998: 23,266,374 x shares outstanding for 18 days 418,794,732 23,266,921 x shares outstanding for 17 days 395,537,657 23,268,328 x shares outstanding for 9 days 209,414,952 23,270,675 x shares outstanding for 229 days 5,328,984,575 _____________ 6,352,731,916 Divided by number of days in the period 273 _____________ 23,270,080 Three months ended May 31, 1997: 23,410,574 x shares outstanding for 31 days 725,727,794 23,406,574 x shares outstanding for 30 days 702,197,220 23,280,909 x shares outstanding for 31 days 721,708,179 _____________ 2,149,633,193 Divided by the number of days in the period 92 _____________ 23,365,578 Nine months ended May 31, 1997: 23,892,819 x shares outstanding for 30 days 716,784,570 23,666,720 x shares outstanding for 31 days 733,668,320 23,281,927 x shares outstanding for 30 days 698,457,810 23,329,990 x shares outstanding for 31 days 723,229,690 23,404,092 x shares outstanding for 31 days 725,526,852 23,409,028 x shares outstanding for 28 days 655,452,784 23,410,574 x shares outstanding for 31 days 725,727,794 23,406,574 x shares outstanding for 30 days 702,197,220 23,280,909 x shares outstanding for 31 days 721,708,179 _____________ 6,402,753,219 Divided by the number of days in the period 273 _____________ 23,453,308